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Living Trusts

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   Gregory and Cynthia Flahive and their team of experienced attorneys have dedicated their practice to providing you outstanding legal representation. They frequently post information in the media to better educate you. Visit back often to check for updated information you need to know.

   A will may not be the best plan for you and your family because a will does not avoid probate when you die. A will must be probated before it can be enforced. A will provides no protection if you become physically or mentally incapacitated. Fortunately, there is a simple alternative to a will: our Living Trust. Our Trust avoids probate, and lets you keep control of your assets while you are living. When we set up your Living Trust, you transfer assets from your name to the name of your revocable trust. Therefore, there is nothing for the courts to control when you die or become incapacitated. This is what keeps you and your family out of the probate system.

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   You should change title on your real property and other titled assets like bank accounts. Your other assets that do not have title will be placed into your Living Trust too. Also, beneficiary designations on certain assets such as life insurance should be changed to reflect you now have a living trust.

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   Probate is a legal process where the court determines if your debts are paid and your assets are distributed according to your will. If you don't have a valid will, your assets are distributed according to California law.

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   Probate is expensive and long. Probate can take years during which your assets are frozen and nothing can be distributed or sold without court approval. Your will has no privacy since probate is a public process. Your family also loses control. The probate process can cost between 5%-10% of the gross value of your estate.

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   Most jointly owned property allows full ownership to transfer to the surviving owner without probate. What happens when the surviving owner dies? The asset must be probated before it can go to the heirs. Also, you risk being sued if you are joint owner with another joint tenant.

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   When you die, your revocable living trust continues to "live." Assets are managed by your successor trustee for the benefit of your beneficiaries. Your trust can continue to provide for a loved one with special needs, or even a beloved pet.

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   Taxes must be paid on the excess of the net value of your estate that is more than $2 Million if you die in 2007 or 2008. The tax rate can be greater than 45%! However, our Living Trust for a married couple can include a provision (called an AB Trust or Marital Deduction Trust) that will let you and your spouse leave up to $4 million estate tax-free.

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   Yes! We have considerable experience in preparing living trusts. We have prepared thousands of estate planning documents without a single one being challenged in court! Don't trust this important decision to any other attorney.

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   Generally, if you own or are making payments on real property, you should consider our Living Trust so it will avoid probate.

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   The settlor or trustor is the person who sets up the trust. The trustee manages the assets that are in the trust. You will be your own trustee and continue to manage the trust while you are alive. A successor trustee is named to manage the trust when you are no longer able to continue to manage it due to incapacity or death. The beneficiaries are the persons who will receive the assets in the trust after you pass away.

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